Bursa Malaysia said it viewed the contraventions by Top Builders Capital Bhd of the main market listing requirements seriously, Bernama reported.

“The timely and accurate submission of financial statements is one of the fundamental obligations of listed companies,” it said, “and is of paramount importance in ensuring a fair and orderly market and necessary to aid informed investment decisions.”

The exchange imposed fines on group executive chairman Loh Ming Choon (RM105,250), executive vice-chairman Sin Hock Min (RM105,250) and chief executive officer Woo Hai Shiang (RM72,000) for permitting Top Builders to commit the breaches of the listing requirements.

The five independent non-executive directors were also fined. They are: Ng Mei Choo (RM29,600), Hanafiah Zakaria (RM42,100), Koh Mui Tee (RM14,000), Sin Yoke Gen (RM25,650), and Yan Sook Han (RM11,900).

Top Builders was suspended from trading in November 2022 and removed from the stock exchange in September last year.

Bursa Malaysia said Top Builders released its 2022 annual report only on May 29, 2023, after a delay of six months and 29 days.

The quarterly report for the financial period ended Sept 30, 2022 was only issued on June 9, 2023, after a delay of six months and nine days; the quarterly report for Dec 31, 2022 after a delay of three months and 28 days; and the quarterly report for March 31, 2023 after a delay of one month and 28 days.

“Notwithstanding that Top Builders had been de-listed on Sept 4, 2023, the breaches were committed while the company was listed on the Official List of Bursa Malaysia Securities,” the exchange said.